{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Notes- Chapter 31

Notes- Chapter 31 - Chapter 31-Agency Formation and Duties...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 31-Agency Formation and Duties Agency- a relationship involving two parties; the agent and the principal. The agent represents or acts for the other party while the principal has the right to conduct matters entrusted to the agent Example of agency is a corporate officer who serves as the representative for the owners of the corporation Agency Relationships Fiduciary - Noun: refers to a person having a duty to act for another’s benefit - Adjective: “Fiduciary relationship” means that relationship involves trust and confidence Employer-Employee Relationships - Employees who deal with 3 rd parties are deemed to be agents of their employers Employer-Independent Contractor Relationships - Independent contractor- a person who contracts with another to do something for him or her but is not controlled by the other - Examples: building contractor and subcontractor Determining Employee Status (Whether a worker is an employee or an independent contractor) - Criteria o How much control does the employer exercise over the details of the work? If a lot of control is exercised, then employee status o Is the worker engaged in an occupation/business distinct from that of the employer?
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern